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Richfield Hospitality and Shelbourne Falcon Investors Acquire
the 161-room DoubleTree by Hilton in Burlington, Vermont

DENVER, Colo., February 4, 2012 Richfield Hospitality , a leading hotel management company, and Shelbourne Falcon Investors, an opportunistic real estate investment company, today announced that they acquired in a joint venture the 161-room DoubleTree Burlington hotel in Vt. for an undisclosed amount.  It is the fourth hotel acquisition made by the two companies.

“We like the Burlington market because of its multiple demand generators,” said Greg Mount, president of Richfield Hospitality. “We continue to seek growth opportunities in similar locations with strong partners like Shelbourne Falcon.

“This acquisition points to a strong year for Richfield,” he said.  “We expect to see accelerated growth both in hotel management and acquisitions as the hotel industry continues to strengthen and more hotels change hands.”

“The DoubleTree by Hilton Burlington has outperformed the market so when it became available, we were eager to once again join forces with Richfield and add it to our growing portfolio of full-service hotels,” said Joe Fox, managing partner Shelbourne Falcon Investors.  “We continue to have a robust appetite for quality hotels throughout the United States.”

Located at 1117 Williston Road S., the hotel is just off 189 Interstate highway.  “Because of its location, the DoubleTree by Hilton Burlington is well positioned to serve business and government travelers,” Mount said.  “It also has a strong leisure traveler base serving families visiting three nearby colleges and universities, and providing close proximity to Vermont’s leisure attractions like Lake Champlain and numerous nearby ski resorts.  The property has the feel of a country inn, the amenities of an upscale hotel and spacious meeting facilities capable of handling up to 400 guests.”

The DoubleTree by Hilton Burlington offers 128 rooms and 33 suites all featuring the brand’s signature Suite Dreams beds, Wolfgang Puck in-room coffee, Crabtree and Evelyn amenities and the warm chocolate chip cookie welcome known the world over as the symbol of genuine hospitality.

Trader Duke’s serves breakfast, lunch and dinner daily and the hotel welcomes guests with an indoor pool and hot tub, 24-hour fitness center, 24/7 airport shuttle service and complimentary parking and WiFi. The hotel is pet friendly.

Just five minutes from the Burlington International Airport (BTV), the hotel is located near Vermont ski resorts, Stowe, Smuggler’s Notch, Sugarbush and Bolton Valley.  The University of Vermont, Ben and Jerry’s, IBM, Green Mountain Coffee Roasters and the Department of Homeland Security also are nearby.

About Richfield Hospitality

Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners. From hotel operations and property management to electronic distribution and interactive marketing, Richfield achieves superior operating results through its strong commitment to guests, employees and owners.  Based in Denver, Richfield is part of City Developments Limited, one of the world’s largest real estate, hotel investment and technology conglomerates with a market capitalization exceeding US$6 billion.  Additional information about Richfield Hospitality may be found at the company’s website www.richfield.com
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Contact:

Chris Daly or Lauralee Dobbins
Daly Gray Public Relations
(703) 435-6293
chris@dalygray.com
lauralee@dalygray.com


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Also See: Richfield Hospitality Assumes Management of the 242-room Wyndham Lisle-Chicago Hotel and Executive Meeting Center in Lisle, Illinois / January 2012

Richfield Hospitality Names Allen Kramme as Senior Vice President of Operations / September 2012

Richfield Hospitality Expands Management Platform into China; Forms Joint Venture with Shanghai China-based Ownership Group to Operate Hotels in China with Signed Management Agreements for Two Hotels and Six Additional Contracts Nearing Approval / August 2012

Outstanding Award for Outstanding Effort - Mercedes Benz Awarded by Richfield Hospitality to Jessica Craycraft and Meredith Harrell, Employees of The Joule in Dallas, Texas as they Receive the Company's Top Honor / April 2012

John Panko Joins Richfield Hospitality as Vice President of Sales / April 2012

Richfield Hospitality Names 2011 President's Circle Award Winners Recognizing Their Top Achievers / March 2012

Richfield Hospitality Assumes Management and Launches New Marketing for Casa Moderna, the 56-room Miami, Florida Boutique / March 2012

Platinum Equity and Richfield Hospitality Reflag Former 564-room Sheraton Bloomington in Minnesota to the DoubleTree by Hilton Bloomington; $12.5 Million Renovation to be Launched / July 2011

Richfield Hospitality Appoints Thomas Clearwater as Senior Vice President of Sales / February 2011

Richfield Hospitality Adds Six Hotels to Portfolio in 2010, Opens 2011 with Three More / February 2011

Recently Acquired by Platinum Equity, the 564-room Sheraton Bloomington Minneapolis-Area Hotel to Undergo $12.5 Million Renovation and Rebrand as DoubleTree in Q3 2011, Richfield Hospitality to Manage / Janaury 2011

Richfield Hospitality and Shelbourne Falcon Investors Acquire the 279-room Renaissance Syracuse Hotel; Plans $5 Million Renovation Conversion to Crowne Plaza Brand / June 2010

Rebranding Completed for the 250 room Doubletree Hotel Syracuse, Formerly a Wyndham / December 2006

Richfield Hospitality, Along with its Parent Company, City Development Limited, Seeks to Deploy Significant Capital for Structured Finance Deals to JVs and Direct Hotel Acquisitions / February 2010
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